Core Viewpoint - China Shipbuilding Industry Corporation is set to absorb China Shipbuilding Heavy Industry Company through a share swap, which will result in the latter becoming the largest listed shipbuilding company globally. The transaction is expected to be completed by September 5, 2024, with a share exchange ratio of 1:0.1339 [1][3][10]. Group 1: Transaction Details - China Shipbuilding plans to issue A-shares to all shareholders of China Shipbuilding Heavy Industry as part of the share swap [1][3]. - The exchange ratio is confirmed as 1 share of China Shipbuilding Heavy Industry converting to 0.1339 shares of China Shipbuilding [1][3]. - The transaction has received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange [3]. Group 2: Financial Data - As of June 30, 2025, the total assets of China Shipbuilding Heavy Industry and China Shipbuilding are reported at 2214.65 billion and 1819.77 billion respectively, with net assets of 856.56 billion and 527.48 billion [8][10]. - Following the merger, China Shipbuilding's total assets will reach 4034.42 billion, and net assets will be 1384.04 billion [10]. - For the first half of 2025, the net profit attributable to shareholders for China Shipbuilding Heavy Industry and China Shipbuilding was 17.45 billion and 29.46 billion, reflecting year-on-year growth of 227.07% and 108.59% respectively [10]. Group 3: Strategic Implications - The merger is expected to enhance focus on national strategic priorities and improve the quality of operations within the shipbuilding sector [10]. - Both companies aim to accelerate high-quality development in shipbuilding and streamline competition within the industry [10].

【导读】中国重工（601989）换股实施股权登记日为9月4日，与中国船舶（600150）换股比例为 1:0.1339 9月3日晚间，中国重工、中国船舶公告称，中国重工计划自9月5日起终止上市，换股实施股权登记日为 9月4日，换股比例为1:0.1339，即每1股中国重工股票，转换为0.1339股中国船舶股票。 上述交易历经一年，即将进入落地阶段。2024年9月3日，中国重工、中国船舶均公告称，中国船舶计划 换股吸收合并中国重工。 若完成上述交易，中国船舶将成为"全球最大上市船企"。截至2025年6月30日，中国重工、中国船舶的 总资产合计达4034.42亿元。 明确交易换股比例为1:0.1339 中国重工计划9月5日起终止上市 公告显示，中国船舶计划通过向中国重工全体换股股东发行A股股票的方式，换股吸收合并中国重工。 中国船舶为吸收合并方，中国重工为被吸收合并方。 经除权除息后，中国船舶的换股价格为37.59元/股，中国重工的换股价格为5.032元/股。 以此换算，确定上述交易的换股比例为1:0.1339，即每1股中国重工的股票，将转换为0.1339股中国船舶 的股票。 公告显示，中国重工换股股东取得的中国船舶 ...